Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, talks to RetailME about factors driving Dubai’s position as a global retail hub.
The drive to consistently diversify its mix of retail offerings, break records and bring new and exciting experiences to consumers, residents and tourists are some of Dubai’s biggest strengths. Despite economic challenges in the region, momentum and interest in this sector continue to remain robust. We see the evidence in the recent announcement of Meydan One Mall, a futuristic shopping mall set to become one of Dubai’s top attractions when completed in 2020. This mega development, along with other major projects in the pipeline such as Mall of the World, will strengthen Dubai’s position as a leading international shopping destination.
Another key trend fuelling retail growth in Dubai has been the emirate’s ability to attract top brands from around the world. The emirate’s strong international appeal stems from its cosmopolitan population, thriving tourism market, steady income growth and a gradual increase in household spending. At the same time, the emirate has served as a launch pad for home-grown brands that have seen tremendous success and later expanded their footprint to countries across the MENA region. It’s complemented further by the expansion of retail space, a shift towards boutique-style retail attractions and local brands in recent years, as well as a growing acceptance of e-commerce among consumers in the UAE.
These factors have enabled Dubai to retain its position as the second most significant international shopping destination globally for the fifth consecutive year, according to the latest CBRE rankings. Dubai has a presence of 57% of global retailers, very close to London’s 57.9%. There are currently around 100 shopping malls in the city, and retail remains one of the main engines of economic growth in Dubai, contributing around 29% to the emirate’s GDP. Such rapid growth could attribute to the fact that retail has been a part of the local culture for decades. Some of the emirate’s most prominent landmarks such as the Gold Souk and the Old Souk were bustling centres for trade and commerce even before the foundation of the UAE.
Read the full article in the April 2017 edition of RetailME
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Snapchat has been betting big on Augmented Reality’s (AR) retail future consideringJune 22, 2021 | By Jibran Chouguley
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
The Ministry of Human Resources and Social Development in Saudi Arabia has
RetailME announced a roster of the 100 most powerful retailers in the
Extravagant, conceptual, great food and views are some of the ways that
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
The once powerful department stores that anchored malls and streets around the
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
The UAE is known to be a global hub for a range
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to